Alarming Inconsistencies in Rawalpindi's Property Valuation Revealed
Rawalpindi: Recent reports as of October 25 have unveiled startling discrepancies in property valuations within the city, causing concerns about the reliability of property assessments. An independent investigation conducted by the Federal Tax Ombudsman (FTO) has raised questions about the transparency and fairness of real estate transactions, primarily due to issues with valuation rates and the omission of crucial data.
In a recent disclosure, significant disparities in property valuation rates have emerged following a comprehensive examination of Rawalpindi's property valuations by the Federal Tax Ombudsman (FTO). The FTO's focus was centered on the market analysis and valuation tables issued by the Federal Board of Revenue (FBR). Among the findings, it was noted that there were issues with Rawalpindi property assessments, as outlined in Statutory Regulatory Order (SRO) 1734(1), issued on September 13, 2022.
The inquiry revealed that several crucial areas of Rawalpindi were conspicuously absent from the valuation data. Notably, residential and commercial zones, as well as the city center, which includes areas like Raja Bazaar, Asghar Mall, Sadiqabad, and Pirwadhai, were omitted from the valuation process. Moreover, various tehsils, rural regions, and agricultural holdings within the district were also overlooked.
Additionally, disparities were identified in the assessment of other property types, including plots and shops. Specific locales, such as the Askari housing societies, primarily comprising apartments, were not given due consideration by the FBR. This revelation has called into question the FBR's reliance on publicly known market rates and the absence of a standardized valuation methodology.
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